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JPMorgan Chase acquires banking operations of Washington Mutual

National Mortgage Professional
Sep 25, 2008

NACEDA Executive Director Jane DeMarines: Bailout should not reward perpetrators; should be matched with help for homeownersMortgagePress.comNACEDA, Jane DeMarines, economic bailout, Community Development Corporations, Real Estate Mortgage Investment Conduit LAws As the representative of more than 2,400 Community Development Corporations, non-profits working on behalf of low-income populations nationwide, we are appalled and saddened to see federal government bail-out efforts reward those who have largely created the economic mess the country is currently reeling from. Many of the alternative proposals that lessen the direct cost to taxpayers (collateralized loans to banks) are a better alternative and would not require the federal government to own the bad loans. We strongly believe a bailout should include direct grants to homeowners who have been forced out of their homes as a result of the poor mortgage products foisted on them from the lending community. NACEDA urges Congress to consider the following: • Change REMIC (Real Estate Mortgage Investment Conduit) Law to allow work-outs of Mortgage securities, now prevented, which would solve 95 percent of the current problem. • Extend CRA (Community Reinvestment Act) to all Institutions that receive bailout funds. • Set-aside a percentage of bailout funds for homeowners who have been victimized by poor lending products. • Set aside a percent of funds for community development corporations* who actively are providing foreclosure counseling to disproportionately affected low-income communities and communities of color. • Set-aside a percent of bailout funds for communities and land banks to purchase foreclosed properties to be used for affordable housing. For more information, visit www.NACEDA.org.
Published
Sep 25, 2008
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